REUTERS: Cotton hits over 1-week high as dollar weakens, equities firm
REUTERS: Cotton hits over 1-week high as dollar weakens, equities firm

REUTERS: Cotton hits over 1-week high as dollar weakens, equities firm

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Aug 10 (Reuters) -ICE cotton futures rose to a more than one-week peak on Thursday, supported by a lower U.S. dollar and an upbeat sentiment in the equities market ahead of a keenly watched monthly supply-demand report.

* The most-active December cotton contract CTZ3 rose 0.24 cent, or 0.3%, to 85.89 cents per lb by 11:17 a.m. EDT (1517 GMT). It traded in a range of 85.08 and 86.09 cents a lb.

* The dollar fell 0.3% against its rivals after data showed U.S. consumer prices rose modestly last month, making cotton cheaper for overseas buyers. USD/

* The weekly exports sales report was little better than last week, and the U.S. dollar is down, which is helping cotton prices, said Keith Brown, principal at cotton broker Keith Brown and Co, in Georgia.

* The U.S. Department of Agriculture's (USDA) weekly export sales report showed net sales of 277,700 running bales of cotton for 2023/2024, with increases primarily for China. EXP/COT

* Focus now shifts to the USDA's World Agricultural Supply and Demand Estimates (WASDE) report due at 12 noon EDT on Friday.

* Wall Street's main indexes opened higher on expectations that the Federal Reserve could leave interest rates unchanged next month. .N

* Elsewhere in the agricultural markets, Chicago corn, wheat and soybean futures edged higher as market participants awaited U.S. inflation data and crop supply-demand forecasts. GRA/

Reporting by Rahul Paswan in Bengaluru; Editing by Shilpi Majumdar


Source: Reuters

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